Record labels might be dying fast, but bands and artists have been quick to adapt. It’s now easier than ever for bands and artists to get their tracks to their audiences with cheaper recording equipment, multiple streaming platforms, and social media.
But what people are still trying to figure out is what to do with the music video.
Viacom Inc.’s MTV’s long stopped playing them and self-starting bands don’t feel the need to make them. One of the primary reasons for this is the lack of platform, said Ryan Aynes, managing director of EDGE Collective, a marketing agency specializing in music.
Recent attempts have been popping up, with businesses outside of music tapping into music. Sean “Diddy” Combs launched Revolt TV, a music video cable network, which plays music videos overlaid with related content, and the band OK GO launched a music video competition to engage with fans, with the help of an ad agency.
But YouTube’s music video awards ceremony might just up the stakes.
Taking place at Pier 36 in New York City, Nov. 3’s YouTube Music Awards broadcasted online featuring stars like Lady GaGa and Arcade Fire, but with categories like YouTube phenomenon, along with breakthrough and innovation of the year.
Danielle Tiedt, vice president of marketing for YouTube, told The New York Times that success of the event wouldn’t be measured by real-time viewership, but in weeks’ worth of online views and comments evidencing fan engagement.
YouTube, which has over a billion monthly users, is the biggest on-demand music service and has stated in a blog post that offline-listening would be made available soon, with more information announced later this month.
“We’re at a time right now where people are trying to figure out the future of the music video,” Aynes said. “Because people know that the music video has value, it’s not dead, and they’re trying to figure out ways to use it, and what makes it valuable again.”
Brands as Businesses
The main value, it seems, is to increase viewer engagement.
According to Nielsen, increasingly popular musicians have branched out into areas like acting, and are taking bolder approaches in presenting their personas.
“Changes in image and content can change the profile of an artist’s fan base, which can, in turn, change the way that the artist’s music is marketed, displayed and consumed,” the report stated.
This is a trend not just among celebrity artists, but smaller and independent bands and artists as well. Bands are turning into businesses, Aynes said, which in turn makes them more valuable and marketable.
“They’ve now been able to go back and sell those followings to brands and advertising agencies,” Aynes said.
Ten years ago, brands would sponsor bands by putting their logos on banners at shows, on tour buses, and the like. Now brands can use data to find what exactly their target audiences are listening to, and build a relationship with a band that can deliver the brand’s message.
“It’s not just the music. These days, they like what they stand for,” Aynes said of why certain bands have followings. He pairs brands and bands with similar stories, and then when brands try to engage their target audiences, consumers are more willing to listen.
“It gives them so many more touch points to reach the prospect I’m trying to reach, both at a large scale, and the hyper-target,” Aynes said. “I have a much higher conversion rate because of that.”
